Top 5 Sports to Bet on Using Bitcoin
Through this article, we take a deep look at the top 5 sports bettors who can bet on using Bitcoin, various pros and cons of Bitcoin sports betting and certain key legal and regulatory considerations.
Introduction
Online sports betting refers to wagering (betting) on the outcome of a sports event. Bitcoin sports betting is a decentralized, peer-to-peer system where bettors can pay and wager on sporting events using Bitcoin, a digital currency that operates outside traditional financial systems and governments. With Bitcoin sports, bettors no longer have to trust these third parties by using this system through their heads-up displays and Bitcoin blockchain ledger.
Bitcoin sports betting is also a great way to explore this currency’s potential to improve your life across all spheres of your existence, including finance and health. One benefit of using Bitcoin is that it can be a more affordable payment system than conventional ones online since no third parties need to be paid when making transactions using this currency.
You can also deposit money easily on the go without being restricted by conventional payment systems, which may not be as reliable or convenient. If a particular Bitcoin sportsbook’s website does not allow for certain currencies for payment purposes, then it will not be a problem for you to use Bitcoin sports betting since all transactions are made electronically, so there is no need for currency conversion or exchange rates.
Top 5 sports for Bitcoin betting
Bitcoin is one of the preferred cryptocurrencies over Ethereum and Litecoin for bettors when it comes to crypto sports betting. You can utilize Bitcoin as a currency to bet on and win your bets in many ways. We have created a list of 5 of the best sports for Bitcoin bets.
Soccer/Football
With so many countries involved in soccer, it is a global sport with millions of fans. It is ideal for bitcoin betting because it lets you bet anonymously, is simple to understand, a vast range of countries are involved in the sport, and offers a variety of live betting options. This sports activity includes different types such as Draw No Bet, Half-time/Full-time Bet, Over/Under Bets, Teams to Score, Correct Score, Goal Scorer, Three-Way Moneyline Bet, and Double Chance. A key tip for soccer/football betting with Bitcoin is to research the teams and players to provide yourself with the best possible advantage.
Basketball
Relatively more popular in the USA, Basketball is a fast-paced game that allows bettors to exploit a wide range of betting options. This sport is ideal for bitcoin betting because it offers a high betting turnover, short odds, and if you make sure to take advantage of live bets. When it comes to the types of bets available for NBA basketball betting with Bitcoin, there are plenty of options, including Over/Under Bets, Player Totals Bets, Moneyline Betting, Spread Betting, and Over/Under Totals. One great tip for NBA basketball betting with Bitcoin is to focus on the best players involved in the game because they often have the biggest payouts associated with them.
American Football
Since football is the biggest sport in America, this is a good sport to bet on with Bitcoin. Bitcoin betting is perfect for American football betting because there are always large match-ups with a wide range of bets. When it comes to the types of bets available for American Football betting with Bitcoin, you have many options, including Point Spreads, Moneylines, Over/Under Totals, Over/Under Totals, and Player Props Bets. This is especially true for the Super Bowl, which is always a big player for Americans. The key tip for American Football betting with Bitcoin is to try to get an early start so you can place your bet before the odds change.
Tennis
Growing in popularity over the last few years, Bitcoin betting is perfect for Tennis because it has worldwide appeal, short odds, a high betting turnover, and plenty of betting options available. When it comes to the types of bets available for Tennis betting with bitcoins, you have many options, including Match Totals Bets, Moneyline Betting, Spread Betting, and Over/Under Totals. A key tip for Tennis betting with Bitcoin is to get as many odds as possible and take advantage of live betting options.
eSports
With so many people getting into gaming and eSports, it has become a great sport to bet on with Bitcoin. This is an ideal sport to bet on with Bitcoin because the odds are high, there are many live betting options to exploit, and it has a worldwide appeal. Considering the types of bets available for eSports with Bitcoin include Over/Under Betting, Moneyline Betting, Match Totals Bets, and Team Props Bets. A key tip for eSports betting with Bitcoin is to take advantage of the different types of bets available on a Bitcoin Sportsbook and keep close watch over the teams involved in the matches you are betting on.
Advantages of Using Bitcoin for Sports Betting
Using Bitcoin for sports betting is an experience that is always outstanding for bettors. More and more sports bettors are embracing this digital payment method on Bitcoin sportsbooks, as it offers various key benefits, for example, faster and cheaper transactions, increased privacy, and improved security.
Faster and cheaper transactions
On top of cheaper transaction fees, users can expect faster transactions. When you place a bet using fiat currency, several parties need to be involved. These include the bookmaker and the payment intermediary. That’s why it takes a long time for fiat-based sports betting to process. With Bitcoin, on the other hand, payments can be made directly from person to person without involving third parties. This is why many people like using this crypto-currency for sports betting because it’s much faster and cheaper than traditional methods.
Increase privacy
Since the payments are directly processed between two people, there is no need for a payment intermediary. This means customers will have more privacy when they bet with Bitcoin. It’s very easy to hide transactions and only reveal them during settlement time. This is also why many people prefer Bitcoin sports betting to traditional methods because of this privacy feature.
Improve security
With Bitcoin, sports bettors can ensure enhanced security because they know that their money will be kept safe. Unlike with fiat, bookmakers can’t access your funds. This means you won’t have to worry about the money being removed or frozen by a third party.
These benefits, for example, enhanced fastness, cheapness, and security, can translate to competitive advantage because they facilitate the activity relatively much easier and more organized. This sparks the interest of more and more sports bettors to participate in Bitcoin online sports betting and have fun.
How to Use Bitcoin for Sports Betting
Feeling curious and excited to bet on the sport you are watching? If yes, sports betting bitcoins can be a lot of fun and benefit your wallet. Read this step-by-step guide and learn how to use Bitcoin for sports betting.
Here are the steps:
- Purchase Bitcoin: Purchase bitcoins using any of the prominent exchanges out there online. Interestingly, many more options will be available in the time to come.
- Set up a Bitcoin wallet: Select a prominent BTC sportsbook. Click the ‘sign up’ button and follow the instructions duly, and that all is sufficient enough to set up a Bitcoin wallet.
- Deposit and withdraw funds: After your Bitcoin wallet is set up, withdrawing and depositing funds will be smooth sailing.
Risks and Considerations
Bitcoin sports betting is, however, fully engaging and exciting; there are risks inherent in using Bitcoin for the activity that we discuss below, including what you should consider before doing so.
- Volatility of Bitcoin: Among the several most critical risks bettors confront include the bitcoin value, which typically goes up and down. However, this is a double-edged blade, as the prices soar and slump on large-scale purchases from various prominent exchanges and on small investments made by gamblers. With this in mind, investing in what you are all set to lose is best.
- Lack of regulation in the Bitcoin market: It is another major risk that bettors face up while using Bitcoin as a betting currency. It is worth noting that there is no central authority or governing body to deal with anything about bitcoin trading, which poses a risk regarding protection for gamblers. This opens up the area of possibility for potential fraud, cybercrime, and hacking in the case of major cyber attacks on major exchanges to take place.
- Potential for fraud and hacking: While considering the nature of betting, seemingly fraught with risk, the potential for fraud and hacking cannot be discounted. This critical factor plays a critical role in negatively affecting online betting markets, and it can be detrimental when considering Bitcoin as a wagering currency.
Legal and Regulatory Considerations
Here are the two key legal and regulatory considerations you should be aware of:-
- The current state of Bitcoin regulation worldwide: Bitcoin is regulated in some jurisdictions and considered legal. To put it simply, Japan, Norway, Gibraltar, Iceland, Switzerland and Taiwan consider Bitcoin a legal currency. The European Central Bank defined virtual currencies as “a digital representation of value that can be digitally traded and functions as (1) a medium of exchange; and/or (2) a unit of account; and/or (3) a store of value.” It also noted that virtual currencies are not illegal under current EU regulations.
- Risks associated with using Bitcoin in jurisdictions that are not yet legal: Many reliable reports cite that some jurisdictions have not yet legalized digital currencies. Considering the fact, several operators may be at risk of breaching local laws. However, it will be very good if operators check the local laws to resolve if they are at risk of violating any such laws. Some of the commonest risks associated with using Bitcoin in illegal jurisdictions include criminal and civil sanctions, lack of protection from money laundering, and lack of account security.
Conclusion
We have seen above a number of benefits that the best Bitcoin sports betting sites offer for sports bettors to switch to it. It is especially the ticket for those who are looking for anonymity. Bitcoin is a decentralized digital currency that has become popular in the betting world due to its lack of government regulations and ability to evade transaction record-keeping laws. This anonymity can be attractive; however, it is important to note that there are various critical risks and considerations that bettors must take note of to ensure safe and fun Bitcoin sports betting for them.
